Have you let your insurance lapse?


When was the last time you checked the value of the jewellery that you own?

Could you be under assured?

A precious jewellery piece set with or with out diamonds and gemstones is probably one of the most expensive things that you own and wear on a daily basis.

Even though insuring your new jewellery through your home insurance or a specialist company like TH March is a relatively simple thing to do many fails to take this cover out at the point of sale or neglect to revalue an existing piece that they already own.

The estimations are that there are around six million UK households underinsured for their jewellery alone.

Price fluctuations of diamonds, gemstones and precious metals are a regular occurrence. Here in the UK, this has been further exacerbated since the referendum result last year which has seen a massive decline of 20% in the value of the pound against the dollar.

The dollar influence

What you might not be aware of is that jewellery commodities such as precious metals, diamonds, and gemstones are all bought in dollars, so the pounds drop in value alone has had a massive impact on the value of your jewellery.

What happens if I you are under insured?

It’s so important that all of your jewellery is in insured for its full value. If you fail to do this and subsequently need to make a claim and are under insured, you will not be entitled to the full amount of your loss.

Your settlement for a claim on an under insured jewellery piece will reduce in line with the actual sum insured, and you will, therefore, have to cover the remaining cost of the loss or damage yourself.

If I can offer you some friendly advice

Please do not think that it can never happen to you. Whether it be a loss or theft, get your jewellery valued today it will cost a lot less than any potential loss, you can even get it scanned as a 3D image so if the worst ever did happen your jewellery could be replaced to match the original piece.

Time to act now

If you had your jewellery made by me call me today to arrange to have a new appraisal or visit The National Association of Jewellers web site to search for an approved valuer in your error.

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